SPY vs TRNR: Correlation
SPDR S&P 500 ETF Trust (SPY) and Interactive Strength Inc. (TRNR) show a weak relationship: their 3-year correlation of weekly returns is 0.13.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TRNR?
Across a 3-year window, the weekly returns of SPY and TRNR correlate at 0.13, weak. The relationship has been stable: the 1-year correlation (0.09) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 287.6 %².
By 3-year correlation, TRNR places #3895 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 119.5 percentage points, +20.6% for SPY against -98.9% for TRNR. Risk is not evenly split, since TRNR carries 10.5 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
SPY vs TRNR: side by side
| SPY (SPDR S&P 500 ETF Trust) | TRNR (Interactive Strength Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -98.9% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 151.7% |
| Beta vs S&P 500 | 1.00 | 1.38 |
| Max drawdown (3Y) | -18.8% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TRNR |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | -99.9% |
| 2025 | +17.7% | -97.0% |
| 2026 | +13.7% | -94.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TRNR good diversifiers for each other?
Yes. With a correlation of 0.13, SPY and TRNR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and TRNR?
Using weekly returns as of 2026-08-27: 0.13 over 3 years, with 0.09 over the last year and n/a over 5 years.
Is TRNR a good diversifier for SPY?
Yes. With a correlation of 0.13, SPY and TRNR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.13 mean?
On the −1 to +1 scale, 0.13 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: SPY correlations · TRNR correlations
